Don't know. Facebook is my homepage, the first thing I check when drinking my morning coffee. Like the internet, Facebook is pretty much what you make it.
My newsfeed usually consists of interesting news articles posted by friends, developer news and a couple of mandatory funny animal videos.
I don't surround myself w/ dumb people in real life, and I use Facebook just the same way. I've been using FB since 2007 and I still haven't reached 100 friends, because I don't see the point in adding people just for the sake of it. If they make it on my friend list, they most likely have something interesting to tell me.
Obviously, if you decide to use FB to network w/ people who like to post pictures of their plate and enlightening statuses like "Good morning to all, I'm off to Starbucks", that's what you'll get.
But mine always contain a pretty substantial chunk of interesting info and links.